Short Summary

The Inter-government Council of Copper Exporting countries--CIPEC--has been meeting in Santiago, Chile, to find ways of controlling violent price fluctuations on world markets.

Description

The Inter-government Council of Copper Exporting countries--CIPEC--has been meeting in Santiago, Chile, to find ways of controlling violent price fluctuations on world markets.

SYNOPSIS: The two-day meeting was held at the headquarters of Chile's military government. It was preceded by three days of discussions by the CIPEC marketing committee and governing board, and their recommendations were being studied for possible implementation by the Council. CIPEC members -- Australia, Chile, indonesia, Mauritania, Papua-New Guinea, Peru, Zambia and Zaire -- produce 70 per cent of the world's copper output.

Zambian Mines Minister, Mr. A.J. Soko, told the meeting that copper exporting nations had become "a laughing stock" because of their inability to defend their interests. Mr. Soko said CIPEC's past failures to achieve its goals were intolerable, and the time had come for them "to show their teeth". He added that Cipec had failed, as an organisation, to influence Britain's London metal market to quote in a more stable currency than sterling.